Even as some of the big ticket projects in the steel sector like Posco and ArcleorMittal are yet to take off, the Union steel ministry is hopeful of achieving a steel output of over 120 million tonnes by the end of 2012-13.
“Our current steel production stands at 80 million tonnes. In 2010-11, there was an incremental production of 15 million tonnes in the steel sector and the same quantity is expected to be added in 2012-13 as well”, said Union steel secretary, P K Mishra.
He was here to attend a meeting of the inter-ministerial group of the Government of India constituted to monitor and coordinate major steel investments in the country.
The steel ministry had earlier set a steel output target of 124 million tonnes by the end of 2011-12.
Asked on the delay faced by steel behemoths like Posco and ArcelorMittal, he said, “Big ticket investors need more time for commissioning of their projects as there are so many issues involved like land, water and rehabilitation. For a mega project to come up, favourable conditions are also needed. Steel is a deregulated sector and we always encourage investors to put their money in this sector.”
The state Chief Secretary B K Patnaik said that Posco India authorities were satisfied with the overall progress of the project. More than 2000 acres of land needed for the Posco steel project is in possession of the state government, he added.